Seplat Energy has announced a significant oil and gas discovery at its Aku-01 exploration well in Nigeria, with preliminary estimates indicating 157 billion cubic feet of natural gas and 19 million barrels of oil in place. Disclosed on October 29, 2026, in the company’s unaudited nine-month financial results, the discovery was made after the end of September across five reservoir intervals in Petroleum Prospecting Licence (PPL) 2A25. According to Nairametrics, the exploration programme was initially designed to target natural gas, making the identification of crude oil an unexpected addition to the results. Seplat holds a 40 per cent operated interest in the licence.
The discovery has also strengthened the exploration outlook for the licence area, with Seplat reporting that it has reduced uncertainty across four neighbouring prospects. The company is planning a second exploration well in the Aku area in 2027 to further test the potential of the surrounding resources. Work is also underway to complete Aku-01 for potential future production, with plans to connect the well to existing infrastructure to support early commercial development. However, the estimated volumes are resources in place and should not be interpreted as proven or commercially recoverable reserves. Their eventual contribution to production will depend on further technical evaluation, appraisal and development decisions.
The discovery comes amid a period of stronger operational and financial performance for Seplat. The company reported average working-interest production of 144,999 barrels of oil equivalent per day in the first nine months of 2026, a 7 per cent increase from the same period in 2025. Revenue rose 27 per cent to $2.76 billion, while adjusted EBITDA increased 38 per cent to $1.53 billion. The Aku-01 find adds to the company’s resource portfolio and reinforces the exploration potential of Nigeria’s oil and gas sector, particularly as the country seeks to expand domestic gas supply and sustain investment in hydrocarbon production.
